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Spanish Unemployment Drops to Lowest Since 2011 as Economy Grows
Spain’s unemployment rate fell to the lowest since the end of 2011 in the third quarter as its economy turned into one of the fastest-growing in the euro region. Joblessness fell to 23.7 percent in the three months through September from 24.5 percent in the previous quarter, Spain’s national statistics institute INE said in Madrid today. That compares with the median estimate of 24.1 percent in a Bloomberg News survey. Prime Minister Mariano Rajoy, whose four-year term ends next year, eased laws on firing and wage cuts in 2012 to encourage companies to hire. Still, unemployment remains the second-highest in the ... (full story)